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5. Incyte Corporation (NASDAQ:INCY)
Number of Hedge Fund Holders: 37
Incyte Corporation (NASDAQ:INCY) is a biopharmaceutical company that engages in the discovery, development, and commercialization of therapeutics for hematology and oncology. On October 31, the firm posted earnings for the third quarter of 2023, reporting earnings per share of $1.10, beating market estimates by $0.04. The revenue over the period was $919 million, up more than 11% compared to the revenue over the same period last year but missing estimates by $44 million.
On November 14, investment advisory Piper Sandler maintained an Overweight rating on Incyte Corporation (NASDAQ:INCY) stock and lowered the price target to $85 from $90, noting the Q3 top-line print was underwhelming across the board for the firm.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm Baker Bros. Advisors is a leading shareholder in Incyte Corporation (NASDAQ:INCY) with 36 million shares worth more than $2 billion.
4. Monster Beverage Corporation (NASDAQ:MNST)
Number of Hedge Fund Holders: 44
Monster Beverage Corporation (NASDAQ:MNST) engages in the development, marketing, sale, and distribution of energy drink beverages and concentrates in the United States and internationally. On November 8, the firm announced that the board of directors of the company had approved an additional stock buyback program worth $500 million. The new program was approved despite nearly $282 million worth of stock being available for repurchase under an existing buyback program approved previously.
On November 13, investment advisory Jefferies initiated coverage of Monster Beverage Corporation (NASDAQ:MNST) stock with a Buy rating and a price target of $65, noting that the core business of the company remains strong.
At the end of the second quarter of 2023, 44 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in Monster Beverage Corporation (NASDAQ:MNST), compared to 50 in the preceding quarter worth $1.5 billion.
3. Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX)
Number of Hedge Fund Holders: 54
Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) is a biotech firm that develops therapies for the treatment of cystic fibrosis. On November 6, the firm posted earnings for the third quarter of 2023, reporting earnings per share of $4.08, beating market estimates by $0.11. The revenue over the period was $2.4 billion, up more than 6% compared to the revenue over the same period last year but missing market estimates by $20 million. The firm raised the 2023 product revenue guidance to around $9.9 billion.
On November 7, investment advisory Piper Sandler maintained an Overweight rating on Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) stock and raised the price target to $400 from $390, noting the firm delivered a solid non-GAAP EPS beat in the third quarter.
At the end of the second quarter of 2023, 54 hedge funds in the database of Insider Monkey held stakes worth $1.9 billion in Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX), compared to 44 in the previous quarter worth $1.7 billion.
In its Q2 2023 investor letter, Artisan Partners, an asset management firm, highlighted a few stocks and Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) was one of them. Here is what the fund said:
“Notable adds in the quarter included Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX) and Intuit. Vertex is one of the only pharmaceutical companies in the world with an effective drug for cystic fibrosis, but the market has deemed it a slow-growth company due to existing market penetration. However, the drug is enabling patients to live longer, and the drug’s patient base is growing. Also, the company is developing a more potent formulation that we believe could increase efficacy while giving Vertex an opportunity to reprice and improve margins. Finally, its cystic fibrosis franchise is very cash generative, and the company has been using the capital to invest in a pipeline that we believe includes some interesting longer term opportunities. We added to the position after a couple of positive developments this quarter. First, its competitive position strengthened when a competitor, AbbVie, announced it will discontinue all work in cystic fibrosis. Second, there have been positive developments from the company’s pipeline, including encouraging early-stage results for a Type 1 diabetes stem cell therapy.”
2. Arista Networks, Inc. (NYSE:ANET)
Number of Hedge Fund Holders: 62
Arista Networks, Inc. (NYSE:ANET) develops, markets, and sells cloud networking solutions. Some of the solutions it offers include extensible operating systems and post contract customer support services, such as technical support, hardware repair and parts replacement. These services are used by industries such as internet companies, service providers, financial services organizations, and government agencies. The firm recently posted earnings for the third quarter of 2023, beating market estimates on earnings per share and revenue by big margins, earning ratings upgrades from top analysts.
On November 10, investment advisory Needham maintained a Buy rating on Arista Networks, Inc. (NYSE:ANET) stock and raised the price target to $235 from $215, noting the strong position of the firm in the AI space.
At the end of the second quarter of 2023, 62 hedge funds in the database of Insider Monkey held stakes worth $1.2 billion in Arista Networks, Inc. (NYSE:ANET), compared to 48 in the previous quarter worth $1.4 billion.
In its Q3 2023 investor letter, Giverny Capital Asset Management, an asset management firm, highlighted a few stocks and Arista Networks, Inc. (NYSE:ANET) was one of them. Here is what the fund said:
“We modestly trimmed Arista Networks, Inc. (NYSE:ANET) as it reached an 8% weight in our portfolio. As I write this, Arista is up about 60% for the year, and it continued rising after our trims. Arista remains our second largest holding, ending the quarter at 7.1% of the portfolio.”
1. Intuitive Surgical, Inc. (NASDAQ:ISRG)
Number of Hedge Fund Holders: 68
Intuitive Surgical, Inc. (NASDAQ:ISRG) develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care. In mid-October, the firm posted earnings for the third quarter of 2023, reporting $1.46, beating market estimates by $0.04. The revenue over the period was $1.74 billion, missing market estimates by $30 million but coming in more than 11% above revenue figures for the same period last year.
On October 31, Argus analyst David Toung maintained a Buy rating on Intuitive Surgical, Inc. (NASDAQ:ISRG) stock and lowered the price target to $310 from $365, noting there was positivity around the long-term growth prospects of the firm despite near-term concerns.
At the end of the second quarter of 2023, 68 hedge funds in the database of Insider Monkey held stakes worth $3.4 million in Intuitive Surgical, Inc. (NASDAQ:ISRG), compared to 67 in the preceding quarter worth $2.2 billion.
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